The Mint app will close on January 1, 2024. For alternatives, check out CNBC Select’s rating of the most productive budgeting apps.
Mobile banking is a convenient way to manage your cash in the pass, and its popularity continues to grow. In fact, 54% of consumers said they use more virtual banking devices now, due to the pandemic, than they did last year, according to Chase’s. Study of Attitudes in Digital Banking.
“The pandemic has shown that virtual banking is for consumers of all ages to manage their finances with confidence,” said Allison Beer, Chase’s lead virtual director, in the press release.
It’s no surprise that millennials and Gen Z are the two groups that use mobile banking apps the most. The study found that 99% of Gen Z and 98% of millennials use a mobile banking app for a wide variety of tasks, including checking account balances. , check your credit score, and deposit a check. Gen X and Baby Boomers are fewer mobile banking apps (86. 5% and 69. 5%, respectively), but those who do are still the majority.
Millennials and Gen Z massively take on a lot of responsibilities with mobile banking apps, while older generations are less likely to use mobile check deposits and move cash between accounts.
Despite generational differences, mobile banking isn’t going anywhere: most monetary institutions, along with banks and credit card issuers, now offer their consumers easy-to-use mobile apps for their smartphones. The Chase Mobile app, for example, is available for Chase Sapphire. ℠ Bank account holders, as well as Chase Freedom Flex® cardholders.
While a mobile banking app is a huge asset, it doesn’t necessarily provide a one-stop-shop for managing your finances, as it would possibly be limited to the accounts you have at a single bank. If you have multiple accounts at other banks and need a comprehensive way to manage your money, creating a budget spreadsheet or signing up for a budgeting app like Mint or You Need a Budget.
To create your own quote with app-like functionality, follow these five steps:
Learn more with our step-by-step advisor on how to create a budget.
Don’t miss: This is the credit card mobile app for 2020, as well as tips on what to look for in a mobile app
*The study surveyed Chase consumers and non-consumers separately, but the data is very similar. For the purposes of this article, we averaged the two responses to get a holistic view of all visitor attitudes towards virtual banking. Information about Chase Freedom Flex® independently collected through Select and has not been reviewed or provided through the card issuer prior to publication.
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